SANTA CLARA, Calif. Amid a plan to narrow its capital spending, Intel Corp. on Tuesday (Oct. 14) announced third-quarter revenue of $7.8 billion, up 15 percent sequentially and up 20 percent year-over-year.
Third-quarter net income was $1.7 billion, up 85 percent sequentially and up 142 percent year-over-year. Earnings per share was $0.25, up 79 percent sequentially and up 150 percent from $0.10 in the third quarter of 2002.
"Intel delivered excellent results in the quarter led by global strength in our computing-related business, resulting in record unit shipments of microprocessors and chip sets," Craig Barrett, Intel chief executive officer, said in a statement. "Our resolve to invest aggressively during the downturn is paying off with double-digit revenue growth and a doubling of profit compared to a year ago," he said.
"Our product and technology leadership make us well positioned to take advantage of improving demand. Going forward, our strategy remains the same: Invest in leading-edge capacity, develop innovative new products, and target growth opportunities worldwide," Barrett added.
Revenue in the fourth quarter is expected to be between $8.1 billion and $8.7 billion.
The company also narrowed its capital spending plans for 2003. Capital spending for 2003 is expected to be between $3.6 billion and $3.7 billion, as compared to the previous expectation of $3.5 billion to $3.9 billion.
R&D spending for 2003 is $4.3 billion, as compared to the previous projection of $4.2 billion.